Changed Laws Alone Won't Prevent Money Laundering

By Nixon, Dennis | American Banker, December 7, 2001 | Go to article overview

Changed Laws Alone Won't Prevent Money Laundering


Nixon, Dennis, American Banker


The new banking laws passed as part of the U.S. Patriot Act have brought those of us in the financial services industry firmly into a new era.

No other single industry lost more of its leadership in the tragic events of Sept. 11th than the financial community. We at International Bank of Commerce lost 66 friends and colleagues at the World Trade Center.

This alone makes the recent news accounts that lead Americans to believe that the banking industry is somehow against thwarting terrorism all the more appalling.

Through the years the banking industry has been a steadfast advocate for the privacy rights of all Americans. We have worked with the national leadership to provide input on responsible legislation that balances the needs of law enforcement with the basic rights of individuals upon which this country was founded. And now this vigilance on behalf of privacy rights is being misconstrued.

Never was any of the legislation under consideration focused on the actions of terrorist organizations, and it is grossly inaccurate to make that inference. The statutes proposed were focused on money laundering and drug trafficking. Most of our country's leadership, including President Bush, shared the concern of privacy advocates and many consumer groups.

Since Sept. 11 we have been forced to view every aspect of our lives -- transportation, financial transactions, even the mail system -- through a different lens.

The banking industry has always worked very diligently with law enforcement agencies to stop the use of the American financial system for nefarious purposes. As the largest minority-owned bank in the nation, with a strong foundation on the U.S.-Mexico border, we at International Bank of Commerce in particular have always faced considerable scrutiny.

There is an assumption that banks along the border are more vulnerable to suspicious financial transactions. For that reason, we are especially vigilant and have a reputation among our peers and regulators as a strongly compliant institution.

Our considerable experience allows us to be a resource to the many federal agencies who develop and enforce the laws and regulations, to members of Congress who have sought information and advice, to task forces and committees that are researching and creating reports, to trade organizations, and to many other groups too numerous to mention.

We recognize, better than most, the tremendous challenges facing law enforcement. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Changed Laws Alone Won't Prevent Money Laundering
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.